Our data shows traders are now net-long GBP/USD for the first time since Feb 04, 2021 when GBP/USD traded near 1.37.

Our data shows traders are now net-long GBP/USD for the first time since Feb 04, 2021 when GBP/USD traded near 1.37.

Number of traders net-short has decreased by 35.50% from last week.

SYMBOL

TRADING BIAS

NET-LONG%

NET-SHORT%

CHANGE IN LONGS

CHANGE IN SHORTS

CHANGE IN OI

GBP/USD

BEARISH

50.82%

49.18%

25.58%
Daily

30.82%
Weekly

15.41%
Daily

-35.50%
Weekly

20.37%
Daily

-13.11%
Weekly

GBP/USD: Retail trader data shows 50.82% of traders are net-long with the ratio of traders long to short at 1.03 to 1. In fact, traders have remained net-long since Feb 04 when GBP/USD traded near 1.37, price has moved 2.20% higher since then. The number of traders net-long is 25.58% higher than yesterday and 30.82% higher from last week, while the number of traders net-short is 15.41% higher than yesterday and 35.50% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBP/USD prices may continue to fall.

Our data shows traders are now net-long GBP/USD for the first time since Feb 04, 2021 when GBP/USD traded near 1.37. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBP/USD-bearish contrarian trading bias.

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Originally Posted on: https://www.dailyfx.com/forex/technical/sentiment/2021/03/01/GBPUSD-IG-Client-Sentiment-1123.html
By: Research

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